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The Financial Crisis: This Day—One Year Ago, Sept. 20, 2008
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Talk about working weekends. This one takes the cake and all eyes are on Washington now...
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If the plan is approved, the government could purchase as much as $700 billion in mortgage-related "toxic assets" from US firms. The Treasury is also floating the idea of having Wall Street asset managers oversee the toxic debt.
The participation of banks in the problem loan pool will be "primarily American" with some participation by US affiliates of foreign banks, Congressional leaders tell CNBC.
What You Were Reading:
- Democrats Seek Changes To Wall Street Bailout Plan
- Proposals for US Bad-Debt Fund
- Poll: Can Congress Pull It Off — in Time?
Congressional leaders have promised swift action on the bailout package but many details are still to be worked out.
Sen. Charles Schumer (D-NY), chairman of Congress' Joint Economic Committee, says the government plan is a good start but doesn't go far enough.
"But it includes no visible protection for taxpayers or homeowners," says Schumer. "We look forward to talking to Treasury to see what, if anything, they have in mind in these two areas," he said.
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The Treasury and Federal Reserve have already put nearly $1 trillion of taxpayer money on the line to help credit flows.
On the corporate front, a US bankruptcy judge approved U.K. bank Barclays' [BCS
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And Morgan Stanley's [MS
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] board is expected to meet over the weekend to discuss a merger with Wachovia, The Wall Street Journal reports.
A deal could include sovereign wealth fund China Investment Corp. taking a significant stake in the combined company. But CIC's interest may be contingent on Wachovia being able to offload some of its mortgage assets, the report said.
The Present Day:
- Citi Plans to Unload Part of Government Stake
- Bernanke: Recession 'Likely Over', Recovery to Be Slow
- Cramer: Boo Hoo Obama Needs to Cheer Up
- Critical elections are scheduled for Greece in June. Here are some of the players and their roles.
- Our financial system is still not designed to meet the needs of poor families, says this author.
- Statistics show there aren’t many women billionaires compared to their male counterparts. Why?
- Click to see various forms of funding and what entrepreneurs have used to build successful companies.
- Here are some of the most expensive hotels in the world to book. And we mean expen$$ive.
- Always drink responsibly and when you do, try one of these more unusual and tasty drinks. Cheers!
Data is a real-time snapshot *Data is delayed at least 15 minutes
